Joined President Trump for Announcement, Showcased Full Expensing in Working Families Tax Cuts
WASHINGTON — Today, Congressman Vern Buchanan, Vice Chairman of the House Ways and Means Committee, joined President Donald J. Trump in the Oval Office to announce new fuel efficiency standards that prevent severe price hikes that Biden’s unrealistic 50-mpg standard would have triggered across the automotive market.
Buchanan thanked President Trump for his leadership to return fuel efficiency standards to reasonable levels and highlighted how Republicans’ Working Families Tax Cuts permanently restore full expensing for vehicles used for business purposes.
Click here or the image above to view Buchanan’s remarks.
Buchanan delivered the following remarks:
“Thank you, Mr. President, for your leadership. The thing I’ve admire most: you’ve been in business, you’ve been in the battles over the years and you’re helping lead us out. Most people that are up here have no idea about business or small business, which makes a big difference.
“I would just say, in terms of the tax stuff we’re talking about, one of the things that gets missed—I’m in Florida, the Sarasota region—is the ability to deduct. Most people who have a small business ... they’ll buy a new or used truck. They can take that deduction—let’s say they’re in a 20 percent tax bracket—the vehicle is [$60,000], they can take 20 percent of the 60 grand and get a $12,000 write off. They can pay their payments for the first year. That’s a powerful tool we don’t talk about, I don’t know why.
“But at the end of the day, because of what you’ve put in place—full expensing—that’s the tool that one would use. You can just think about all the people in Florida and in general places. They’re buying old vans or new vans, they’re buying trucks, mainly trucks, and they’re getting a deduction, and they don’t even have a payment for a year. One of the best things for Florida. Expensing is a powerful tool. They can just write the whole asset off in the first year, take that deduction and put $12,000 in their pocket.
“Let me mention one other thing. They got into the EV vehicles—electric cars—and I’m talking to dealers that come in and talk to me. Basically, they couldn’t sell one, they couldn’t give one away, and when these companies got them because of whatever, political pressure under the Biden administration, they ended up realizing that they’ve got no market. The guy says, ’The cars have been sitting there a year, I can’t get rid of it.’ ... Thanks for what you’re doing here today. It’s big, it’s huge. It’ll make a big difference. $12,000 on a $60,000 vehicle, upfront, day one. Thank you.”
Watch the full announcement here.
Buchanan is a respected leader in Florida’s business community and has created thousands of jobs over the course of his career. He previously chaired both the Florida Chamber of Commerce and the Sarasota Chamber of Commerce and currently serves as Vice Chairman of the U.S. House Ways and Means Committee.
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BY THE NUMBERS
- If President Trump did nothing, Americans would automatically see cost increases in excess of $100 billion.
- The Biden standards would have raised the average cost of a new car by about $1,000, relative to the cost under the reset standards.
- After soaring by 22% under 4 years of Biden, new and used car prices have fallen -0.5% so far under President Trump.
- These efforts are also helping to boost domestic auto production: after declining -5.1% under the Biden administration, total motor vehicle and parts factory output has surged +13.3% so far under President Trump.
